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ccountancy is among the ever-evolving, challenging professions that require mandatory continuous education. This continuous education may be a result of changing standards, environmental, legislation and policy amendments. On the other hand, the challenges of this profession may also be a result of public outcry or scandalous transactional activities and shenanigans exposed in corporate and government institutions. In 2023, the IFAC (International Federation of Accountants) standards-setting boards in the accountancy profession i.e., IAASB, IAESB, IESBA, and IPSASB released not less than four proposed changes in some of the standards.
CEO's Note
In fact, IFAC suggests that the ISSA 5000 standard is likely to become a core element of all auditing education. What does this mean for existing auditing curricular at our universities? What about professional training programmes and examinations? A journalist from a business publication sought my view on the recent “PhDGate” involving economist Thabi Leoka. For me, this ongoing saga has emphasised how important it is for boards of large corporations to adhere to a rigorous vetting process when appointing directors and accounting officers. What role should the auditors have played in a case such as this? The bottom line is that the accountancy profession is not suitable for people who do not subscribe to continuous education, development and learning. When one completes an undergraduate, honours degree, and concludes their article-ship or learnership programme, this only puts them at the foothills of the accountancy professional peak they need to scale.
CEO's Note
The one that caught my attention was the International Auditing and Assurance Standards Board (IAASB) on its proposed sustainability assurance standard. The he basic relationship between the state In her keynote address, Gcaleka hammered home International Standard on Sustainability Assurance (ISSA) and its citizens, in which the state this point even further by emphasising the crucial A greater challenge faces educators, especially SAIGA 5000, general requirements for sustainability assurance accounts for its actions in terms of how role auditors and accountants play in fostering as action is constantly required to trust in engagements, was considered a watershed moment for fundstechnical it uses public and makes staff, decisions, openness, accountability, and public has broken down. At the heartthe of this institutions. support development of initiatives i.e., the ISSA 5000 the accountancy profession in 2023. malaise is the lack of accountability and corruption – theofassurance of our which has crippled service delivery basic humancapacity Her views are professionals fully detailed in thewith coverthe piece of this Spring edition. needs. The proposed amendments confirm that sustainability necessary sustainability and sustainability assurance competencies to perform the proposed amendments in reporting has become a matter of global importance, This has led to Minister of Justice and Correctional The edition also contains interesting and thoughtRonald Lamola tabling that seeks provoking articles, that, however, are not limited to oura bill standards. and its reliability is a key issue for manyServices stakeholders, strengthen the National Prosecution Authority’s auditing and accounting, but also cover politics and including investors, regulators, ordinaryto citizens and non(NPA) independence and capacity to pursue highhealth issues, in light of the current water crisis. The journey of an accountancy professional has many governmental organisations.This is because sustainability level crimes. about how improving twists and turns. It is You notmay for also the read lazy-minded and the audit assurance can enhance the reliability of sustainability If passed, the bill will see the establishment of outcomes in South Africa is a multifaceted indolent. A sustained endeavour professional development for our reporting and reduce the extent of “greenwashing”, the Investigative Directorate Against Corruption, that requires addressing challenges, targeting among other the ‘state capture’is non-negotiable upholding independence, embracing technology and – even the SAIGA CPD helping entities drive towards net zero commitments and cases,professionals crimes. promoting transparency. policy stipulates the same. support the public interest.
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It will ensure the effective implementation of
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the recommendations from the State Capture players in the audit sector are starting to experiment Not only does this ever-changing, challenging and Our professionals should not have excuses not to submit Commission as it will allow the NPA to apply the with various AI-driven tools to improve audit annual CPD activities. Professional mandatory education force practising professionals experience gained from Souththeir Africa’s effortsmandatory to processes, and many more. tackle high-level to improve themselves but, perhaps importantly, alsocorruption. organisations ought to be critical of professionals who necessitates academics to fine-tune curricular andbillrelated dostep notindemonstrate the required level of All in all, this is an essential reinforcing Enjoy your reading! continuous South Africa’s anti-corruption professional efforts and ensuring development in society. Society has invested assessments thereof. that those suspected of corrupt activities are held its trust in professional bodies to represent public interest. accountable. It also means that professional bodies like the Southern This was onehave of the main takeaways from Lamola’s Enjoy SAIGA’s first edition of Auditing SA magazine African Institute of Government Auditors (SAIGA) presentation at the 3rd Annual SAIGA Conference, in 2024. Keep adding valueMorena to the public sector, to influence these changes in the existing professional Russel which was held at Emperors Palace last month. SAIGA training programmes and through the Continuing organisations, society, andCEO your clientele. Themed “Advancing auditing and accountability Professional Development (CPD) programmes. One for citizens and the future,” the conference, which Happy reading! cannot practically and realistically conclude a full-year coincided with SAIGA’s 35-year anniversary CPD programme due to the continuouscelebrations, changes inbrought the together auditing and accounting professionals, politicians, opinion accountancy profession. makers and thought leaders. Russel Morena These included among the many speakers and SAIGA CEO For instance, the ISSA 5000 mandates changes in the panelists, the Acting Public Protector, Adv Kholeka core auditing curriculum during the pre-qualification Gcaleka, Deputy Auditor-General Vonani Chauke, CEO Development of IRBA, Imre Nagy, Prof Mabutho Sibanda, phase, or the so-called “Initial Professional SARS Deputy Commissioner Bridgette Backman, (IPD)”. It is common knowledge that some practitioners the CEO of PwC, Shirley Machaba and Dr Liezl Groenewald from the Ethics Institute. may have historically gone on to specialise in other types of assurance as their careers developedThis through CPD year, we revisited the principles that have remained central to SAIGA’s existence as we ignited programmes. meaningful discussions around the critical role that auditors play in the public and promoted the core values of this Institute.
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